在北京东北郊民航博物馆草坪上"蛰伏"近二十年之后，一架由欧洲空中客车公司（下称"空客"）在四十 年前制造并交付的A310客机将迎来新生。 民航华东管理局（现中国东方航空）在1985年6月25日接收的这架注册号为B-2301的客机，不仅是中国 民航首架双发宽体客机，也是空客向中国民航客户交付的首架飞机。这架极具历史意义的飞机交付至今 一半时间服役于中国民航，另一半时间处在"退休赋闲"状态。在"落户"中国整整四十年之后，在空客与 中国民航科普基金会、民航博物馆开启的保护活化利用项目改造下，将成为集航空科普教育、亲子休闲 娱乐、打卡拍照等诸多功能为一体的航空科普教育新地标。 全面合作 从B-2301的"机生"历程，也折射出空客在参与并见证中国民航四十年发展过程中，从最早销售产品，覆 盖到目前从飞机研发设计、制造总装、运营支持，到退役后拆解回收利用的全生命周期。 "1985年，空客带来中国的不仅是一架飞机，还有首个零部件转包生产协议——A300/A310电子舱舱门 生产和组装，由此开启了双方在航空工业领域长达数十年的深度合作。"按照空客相关人士的说法，"此 后，空客陆续与成飞民机、沈飞民机和中航西飞等中国航空工业集团 ...

Core Points - The article discusses a significant failure experienced by SpaceX on June 28, 2015, when a Falcon 9 rocket exploded shortly after launch due to a minor component failure [1][6][10] - The incident resulted in the loss of a CRS-7 mission intended to deliver 2,500 kilograms of supplies to the International Space Station [6][10] - The failure was attributed to a broken helium tank support strut, which was designed to withstand 4,500 kilograms of force but failed under less than 900 kilograms [8][10] Summary by Sections Incident Overview - The Falcon 9 rocket launched successfully but exploded 139 seconds into the flight, leading to a complete loss of the vehicle and its cargo [4][6] - The explosion occurred on Elon Musk's birthday, adding a dramatic element to the event [6] Investigation and Findings - SpaceX established an accident investigation committee comprising 34 engineers from NASA, FAA, Lockheed, and SpaceX [8] - The investigation revealed that the failure of a carbon fiber-wrapped stainless steel support strut led to a catastrophic chain reaction, resulting in the explosion [8] Impact on SpaceX and the Industry - The incident caused significant financial losses for SpaceX, estimated in the hundreds of millions of dollars [8] - Despite the setback, SpaceX quickly resumed operations and achieved subsequent successful launches, indicating resilience and a commitment to learning from failures [10] - The event served as a critical lesson for the aerospace industry, emphasizing the importance of rigorous engineering standards and testing [10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the resumption of the listing of loss-making technology companies, which is a significant move aimed at supporting the development of the capital market and high-tech industries [1][2]. Group 1: Market Context - Historically, the Chinese securities market required companies to be profitable for three consecutive years before listing, a rule that was in place until 2019 when the Sci-Tech Innovation Board (STAR Market) was established [1]. - The STAR Market allows unprofitable companies to list under certain conditions, leading to 54 loss-making companies successfully going public, with 22 of them achieving profitability afterward [1][2]. Group 2: Regulatory Adjustments - The resumption of listings for loss-making companies comes after a period of regulatory tightening due to market volatility and investor concerns over high IPO rates, particularly for unprofitable firms [2][3]. - New policies will include specific industries such as artificial intelligence, commercial aerospace, and low-altitude economy as eligible for listing under the unprofitable criteria, expanding the selection of "hard tech" companies [3]. Group 3: Support and Oversight - The introduction of a "growth layer" for the STAR Market will include loss-making companies, with tailored policies to enhance support and regulation, ensuring investor protection [3][4]. - Companies will now be encouraged to conduct financing through share issuance to existing shareholders during the IPO review process, which serves as a confidence indicator for potential investors [3]. Group 4: Future Outlook - The policy aims to allow loss-making companies that meet basic public company criteria and show potential for future profitability to list, aligning with national strategic goals and providing necessary funding support [4].

Core Viewpoint - The upcoming extravehicular activity of the Shenzhou-20 astronaut crew highlights the advanced technology and critical functions of the "Feitian" spacesuit, which serves as a life support and operational system in the harsh environment of outer space [1][3]. Group 1: Spacesuit Technology - The extravehicular suit is essentially a small manned spacecraft that provides life support and operational capabilities for astronauts in the vacuum of space [3]. - The suit features a gas-tight layer that maintains approximately 40 kPa pressure to simulate a pure oxygen environment, protecting against vacuum threats [4]. - It incorporates a multi-layer thermal structure and a water sublimation system, with up to six layers that reflect 90% of solar radiation and regulate internal temperature, crucial for managing the heat generated by astronauts [4]. Group 2: Life Support Systems - The prominent "backpack" of the spacesuit consists of two parts: the external suit's backpack structure and a large auxiliary pack, which includes primary and backup oxygen tanks and batteries, essential for life support and environmental control [5]. - This system ensures a continuous supply of oxygen while absorbing exhaled carbon dioxide, maintaining a fresh air environment for the astronaut [5]. - The backpack also features a temperature control system with a water tank and sublimation system to dissipate metabolic heat, functioning as an emergency toolkit for pressure adjustment, power supply, and communication [5]. Group 3: Significance and Impact - The "Feitian" spacesuit represents the culmination of Chinese aerospace engineering and innovation, symbolizing the nation's commitment to advancing human space exploration [5]. - Weighing approximately 130 kilograms on Earth, the suit allows astronauts to operate flexibly in the weightless environment of space, showcasing the effectiveness of its design [5]. - The suit not only serves as a protective gear but also embodies the technological prowess and determination of China's space program as it ventures deeper into the cosmos [5].

创业板第三套上市标准迎来"破冰"。 6月27日，深交所发行上市审核官网显示，创业板受理大普微IPO申请，这是创业板开板以来首单未盈利IPO项 目。 据悉，该企业从事数据中心企业级SSD产品的研发和销售，最近一年扣非净利润为-1.95亿元。 随着沪深交易所双双向未盈利企业敞开上市大门，企业如何根据板块定位选择上市地成为市场关注重点。有券 商人士分析指出，在面向未盈利企业方面，科创板侧重遴选"硬科技"属性突出，而创业板第三套上市标准对预 计市值要求更高，更侧重商业模式成熟且具备规模化潜力的未盈利企业。 业内热议未盈利企业如何选择上市地 随着科创板第五套上市标准重启，其与创业板第三套上市标准的定位差异，成为市场热议焦点。 具体来看，创业板第三套上市标准具体为"预计市值不低于50亿元，且最近一年营业收入不低于3亿元"。同时 深交所发布的前述《通知》提到，属于先进制造、互联网、大数据、云计算、人工智能、生物医药等高新技术 产业和战略性新兴产业的创新创业企业可适用该规定。 财务数据显示，2022年至2024年大普微的营业收入依次为5.57亿元、5.19亿元、9.62亿元；扣非净利润依次 为-3.68亿元、-6.42亿元、 ...

研究早观点 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,448.45 | -0.22 | | 深证成指 | | 10,343.48 | -0.48 | | 沪深 | 300 | 3,946.02 | -0.35 | | 中小板指 | | 6,457.70 | -0.72 | | 创业板指 | | 2,114.43 | -0.66 | | 科创 | 50 | 989.97 | -0.57 | 资料来源：最闻 2025 年 6 月 27 日 星期五 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：MWC 上海展示低轨卫 星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆-—— MWC 上海展示低轨卫星地面基建新机遇，AMD Helios 机柜或使用更 多光模块与铜缆 【行业评论】非银行金融：行业周报（20250616-20250622）： ...

Core Viewpoint - The commercial aerospace industry in China is characterized by revolutionary technological breakthroughs, innovative resource allocation, and deep industrial transformation, contributing to economic growth and new production capabilities [1]. Group 1: Industry Development - Since the introduction of the "National Civil Space Infrastructure Medium and Long-term Development Plan (2015-2025)," China's commercial aerospace sector has transitioned from technological exploration to large-scale, industrialized, and ecological development [1]. - The commercial aerospace industry is driven by enterprises, allocating resources such as technology, capital, and talent according to market rules, with a focus on profitability [2]. - Beijing, as the birthplace of China's aerospace industry, houses over 50% of the core R&D units and most of the national aerospace large-scale R&D infrastructure and specialized technical talent [2]. Group 2: Technological Innovations - The successful launch of the "Zhuque-2" rocket by Blue Arrow Aerospace in 2023 marked it as the world's first liquid oxygen-methane launch vehicle to successfully reach orbit [3]. - The successful launch of the "Lingxi 03" satellite by Galaxy Aerospace in July 2023 was notable for being the first satellite in China to use flexible solar wings, validating multi-satellite stacking launch technology [2][3]. - The integration of domestic remote sensing models has enabled precise and intelligent analysis of multi-layer information, enhancing satellite applications [3]. Group 3: Supply Chain and Collaboration - Galaxy Aerospace has expanded its supply chain from over 100 partners in 2018 to more than 1,300 partners today, covering various sectors including precision processing, casting, and electronics [4]. - Over 300 high-tech enterprises in Beijing's commercial aerospace sector span the entire industry chain, forming a "South Arrow North Star" pattern [4]. - Investment in commercial aerospace has been bolstered by policy support and industry funds, with 1 billion yuan invested in seven companies in 2024 [4]. Group 4: Future Prospects - Galaxy Aerospace has successfully launched 25 advanced satellites, including China's first batch of low-orbit broadband communication satellites and the first satellite using flexible solar wings [5]. - The company is accelerating the development of satellite technology that enables direct mobile phone connectivity, having already launched two test satellites with this capability [5].

Group 1 - Jeff Bezos and his aerospace company Blue Origin have engaged in discussions with President Trump, with at least two meetings occurring this month [1][3] - Blue Origin executives are seeking to secure more government contracts amid concerns over Elon Musk's close relationship with Trump, which has been a barrier for Blue Origin since last summer [3] - The recent fallout between Trump and Musk has created an opportunity for Blue Origin, as Trump has indicated potential actions against Musk's business interests [3] Group 2 - The competition between SpaceX, founded by Musk, and Blue Origin has been ongoing for years, with SpaceX having a significant advantage in government contracts [3] - SpaceX has secured a $5.9 billion contract from the U.S. Space Force, while Blue Origin has only received $2.4 billion for seven launches [3] - Blue Origin is currently working on its New Shepard rocket's 13th crewed flight and developing the two-stage New Glenn rocket, but it needs to demonstrate the reliability and regularity of its orbital rocket to win government orders [3]

Core Points - The China Securities Regulatory Commission (CSRC) emphasizes the rapid growth of the Sci-Tech Innovation Board (STAR Market) and its role in supporting technological innovation, with the introduction of the "1+6" policy measures aimed at further reform [1][2] - The establishment of a Sci-Tech Growth Layer on the STAR Market is designed to better serve high-quality tech companies that are currently unprofitable but have significant technological breakthroughs and commercial potential [2][3] - The reforms aim to enhance the inclusivity and adaptability of the capital market for hard-tech enterprises, particularly in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy [4][5] Group 1: Policy Measures - The "1" in the "1+6" policy measures refers to the creation of the Sci-Tech Growth Layer, which will include all existing and newly registered unprofitable tech companies [2][3] - The "6" includes six specific reform measures, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth listing standard to more frontier technology sectors [4][5] - The reforms are expected to attract various innovative resources to key technology areas, thereby accelerating China's transition from a major tech power to a strong tech power [4][5] Group 2: Market Impact - The STAR Market has consistently supported the development of strategic emerging industries, with a significant portion of companies in new-generation information technology, biomedicine, and high-end equipment manufacturing [5][6] - In 2024, the total R&D investment of STAR Market companies reached 168.1 billion yuan, which is more than 2.5 times their net profit, indicating a strong focus on innovation [5][6] - The introduction of the Sci-Tech Growth Layer is seen as a breakthrough in differentiated management, guiding resources towards core technology and high-growth enterprises [3][4] Group 3: Investor Protection - The reforms include measures to enhance risk disclosure and investor protection, particularly for small and medium investors, who are crucial participants in the capital market [7][8] - Specific arrangements include a special identifier for stocks of companies in the Sci-Tech Growth Layer and requirements for regular disclosure of reasons for unprofitability [7][8] - The CSRC aims to maintain strict entry standards for listings to ensure the quality of companies on the STAR Market, focusing on supporting high-quality tech firms rather than merely increasing the number of listings [8]

一方面，增强创新意识，完善创新发展的环境。深刻认识高技术制造业与人工智能、商业航天、低空经 济、人形机器人等新一轮科技革命热点之间的紧密关联、相互支撑。强化企业科技创新主体地位，构建 产业链上中下游、大中小企业融通创新生态。充分发挥科技领军企业龙头作用，组建企业牵头任务型创 新联合体，从研发源头提高成果适配性。加大企业研发费用加计扣除比例，增加对研发人员激励力度。 推进企业数智化转型，实施智能制造工程，推广先进适用技术，建立"灯塔工厂"，鼓励企业加快数字 化、智能化转型，提高生产经营效率，降低运营成本。 另一方面，提升产学研融合效率。推动高技术制造业发展的前提，是完善教育培训到科技应用的一体化 机制，形成"科研—教育—应用"的三位一体。要以教育推广科研成果，以应用实践科研成果，进而打通 科研到高技术制造业的核心通路，让科技与产业发展融为一体。要保障科研成果成为推动高技术制造业 发展的持续动力，系统调研并致力消除各种机制性障碍，打通科研成果向制造业转化的链条，实现智力 成果"落地成金"。在科研考核方面，加强科技成果转化在成果评定与职称晋升中的权重，提高科研人员 转化科技成果的积极性。 （文章来源：经济日报） 一 ...